Alistair Darling is walking a greased tightrope as he tries to placate the markets and help kick-start the economy without raising inflation.
The Chancellor Alistair Darling has unveiled his mini-budget plans to rekindle the UK economy. These include a proposed hike in taxes for the super wealthy to 45% for all those earning in excess of £150,000 and the predicted cut in VAT from 17.5 – 15%.
He is also exasperated and at the end of his political tether with the banks after the enormous bail-out using public cash. There have been huge protests, none of which have been lost on him over the fact that the nation has invested many Billions of pounds to shore up the ailing banking industry simply to be refused credit!
He has intimated that unless the banks relent and change their stance passing on recent interest cuts and lending to small businesses and individuals, he is likely to legislate and take over the reins. Even businesses that have a really sound business model and have a proven track record for healthy trading cannot gain access to cash flow as the bosses refuse to re-enter the market.
It will be interesting to see what unfolds over the coming weeks and months. One thing is for certain, it looks highly unlikely any of this will be resolved in time for Christmas. With many businesses on the brink of receivership, record numbers of houses being repossessed and job losses aplenty, it will not feel like a very festive time for most.
People are reigning in their spending as they worry about the short-term future and their own prospects. As we hear daily, other nations are faring no better as America has just agreed a financial rescue of ailing Citi Group who. There is still consternation over the fate of their leading car giants General Motors and Ford as well as others whose finances are hanging by a thread as new car sales plummet off the Richter Scale.
One thing is certain in all the gloom, there can never be a repetition of the greed fuelled lending frenzy that led to the current disaster. Individuals, businesses, corporations and nations alike need to look toward generating cash rich wealth for the future. The total insanity of borrowing your way out of debt has been proven cataclysmically flawed and totally responsible for the current financial disaster we are facing.
At Best Solution we are receiving record numbers of enquiries, but due to the exceptional climate, many people have left things too late and are beyond help. Take a minute to answer the simple questionnaire below and see if you need help. If you do, the sooner you seek it the greater the success rate.
Are you currently unable to save money on a regular basis?
Does your mortgage/rent = 20%+ of your net income?
Do you have credit of any kind other than your mortgage?
Are you unable to settle your credit card bills at the end of every month?
Do you rely on overtime or bonus to pay bills?
If your income stopped tomorrow, could you manage your bills?
Have you missed any mortgage/rent payments in the last six months?
Have you missed any credit payments in the last six months?
Have you missed any utility payments in the last six months?
Do you have a continual overdraft?
If the answer to one or more of these questions is “Yes” you might benefit from speaking to an adviser at the first opportunity for some ideas on how to improve your situation. If the answer to most of the questions is “Yes” you should seek help immediately.
Best Solution are experts in helping people with all manner of financial difficulty, but the longer a situation is left unchecked, the harder it is for us to resolve it. Our advisers are highly trained in all types of debt help including mortgages, secured loans, IVA’s, debt management, debt settlement, Trust Deeds etc. All advice given is totally free, confidential and without any obligation. Call now to find out how we can help or just to confirm that you are doing the right thing.
